On January 31, 2017, Elliott Management Corporation announced in a presentation to Arconic shareholders that it has nominated 5 independent nominees to the Board of Arconic, Inc. The nominees are: Chris L. Ayers; Elmer L. Doty; Charles M. Hall; Bernd F. Kessler; Patrice E. Merrin. The presentation explains that a change of leadership is required to improve performance at Arconic, and they outline a path, based on the application of an appropriate industry multiple, to at least $33-$54 per share (representing upside of at least 45%-138%) through the implementation of certain operational, capital-allocation and strategic initiatives.